Onafriq partners with payment tokenisation firm VGS
Dare Okoudjou, founder and CEO, MFS Africa.
VGS, a payment tokenisation firm, has teamed with Onafriq, an African payments network, to improve security for fintechs in Africa and the Middle East.
This cooperation is part of a long-standing relationship between the two companies, with VGS serving as Onafriq’s trusted partner for Payment Card Industry (PCI) compliance and payment features.
VGS specialises in securely collecting and storing credit card information on behalf of its clients, ensuring PCI compliance and protecting them from the risks that come with handling sensitive data.
In a joint statement, the two organisations stated that their collaboration has enabled Onafriq and its fintech clients to operate with greater security while focusing on developing innovation and providing financial services to customers.
Through the partnership, Onafriq is set to implement VGS’s card reveal capability for its new ‘Credential Show’ feature, which will apply to virtual cards and other card issuance features specifically tailored to fintech providers in Africa and the Middle East.
The ‘Credential Show’ feature is enabled for fintechs and financial institutions when they opt for this capability, together with card issuing APIs offered by Onafriq.
Moreover, VGS and Onafriq have committed to exploring opportunities for product co-development and expanding the scope of payment acceptance use cases throughout Africa and the Middle East.
Together, they say, they aim to make it safer for fintechs to offer innovative financial solutions to millions of African consumers while building a future where fintech companies can thrive and expand in a secure environment.
VGS CEO Chuck Yu, said: “Together, we are poised to unlock new security and payments innovation possibilities for fintechs based in Africa and the Middle East, ultimately empowering businesses and consumers alike.”
Likewise, Onafriq COO Rajat Mishra, said by leveraging VGS’s technology and combining it with Onafriq’s expertise around payment interoperability, the companies are confident that they can drive meaningful impact and shape the future of fintech across Africa and the Middle East.
